Somewhere in the Atlantic, according to Rich Karlgaard , Forbes told attendees to the 15th Forbes Cruise for Investors that:
Summers is angling to replace Ben Bernanke as Fed chairman and will, if the event happens, politicize the Fed to Obama's ends. That means a cheap dollar, cheaper even than now.Summers at the Fed would be interesting. I recently attended a luncheon sponsored by the National Economic Council where Summers stated that inflation could be a problem down the road. He indicated a problem at least two years or more down the road. If he becomes Fed chairman will he ignore this fear? As Obama's top policy adviser, he is definitely singing Obama's disastrous economic song, including major support for Obama's healthcare socialism. An even more politicized Fed than we have now, and Marc Faber's hyperinflation forecast would become even more likely.
If Summers indeed does become Fed Chair, we might as well start calling the Fed the "Third Bank of the US."
ReplyDeleteBozzo's story you linked to before is no longer on CNBC.com, though the header is for some reason:
ReplyDeletehttp://www.cnbc.com/id/27928950
http://www.economicpolicyjournal.com/2008/11/speculation-larry-summers-may-end-up.html
Was able to find a reprint of it, but it's too many chars for this comment field to accept:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33835978